Democratic (socialist/fascist) de facto President Franklin Roosevelt, Esq., signs the Second Revenue Act of 1940,
- Raising the top corporate income (profit) tax from 33 to 35%, on amounts over 25,000 “dollars”, and
- Re-establishing the “excess profits” tax ranging from 25% to 50% on amounts over 500,000 “dollars.”
Question: How does one define how much profit is “excessive?”
NOTE: As an attorney (Officer of the Court) Roosevelt was ineligible to serve in two branches of government at the same time, according to Article I, Section 6 [Clause 2].
[added 7/24/2022] Thanks to Bill Holmes for this entry.
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Encyclopedia of Banking and Finance, s.V. “NewDeal,” 753.
Second Revenue Act of 1940 – Wikipedia
en.wikipedia.org/wiki/Second_Revenue_Act_of_1940
The New Deal
www.uri.edu/artsci/newecn/Classes/Art/INT1/Mac/1930s/new_deal.htm